While everyone is screaming for a giant bubble, Dogecoin price continues to climb up in the crypto charts. Joking cryptocurrency Dogecoin continues its shocking rise, surpassing Ripple (XRP) with market value for the first time since 2014, according to CoinMarketCap data. So what triggers this upward movement in the altcoin project?
Altcoin, which increased by about 16,000 percent in 2021, is bigger than BMW!
The market cap of the popular cryptocurrency has risen to a staggering $ 75 billion, recording another all-time high. To put things in perspective, the cryptocurrency that initially started as a Bitcoin parody is now bigger than Santander, Intercontinental Exchange, and BMW. Dogecoin ranks fourth on CoinMarketCap, the highest position ever.
Currently, Dogecoin is up about 16,000 percent in 2021 and has destroyed the returns of all other major cryptocurrencies except Binance Coin. Dogecoin is the best performing cryptocurrency, rising over 45 percent in the top 100 in the last 24 hours. So what are the reasons for the rise in popular cryptocurrency?
Here are the critical developments in Dogecoin (DOGE) that made the price fly
There have been critical developments in Dogecoin in recent days. These developments are enough to fly the altcoin project, which has already gained momentum. Let’s take a closer look at these developments:
- Oakland Athletics, one of the teams of the American National Baseball League, started selling tickets with Dogecoin for the Toronto Blue Jays match. Oakland Athletics President states that this development is the first in MLB history.
- Famous Bitcoin exchange Gemini announced that it has enabled Dogecoin (DOGE) transactions. DOGE holders will now be able to trade with fiat currency pairs on the stock exchange.
- Popular Bitcoin and cryptocurrency exchange Bitfinex has announced that it has opened margin trading for DOGE / USD and DOGE / USDT trading pairs. Bitfinex users will now be able to make margin transactions on DOGE with a maximum leverage of 3.3.
- Online trading platform eToro announced that it will offer DOGE to 20 million sign-up users. If the eToro decision gains traction in the industry, according to some analysts, the Dogecoin price could prolong the rally in the medium term.
- Elon Musk’s “Saturday Night Live” announcement also seems to be the main wind for Dogecoin lately. Elon Musk nicknamed himself “The Dogefather”, referring to the Satırday Night Live program he will attend. In short, Elon Musk confirmed that Dogecoin will be part of SNL.